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Morgage/house Question

  • 22-09-2011 1:05pm
    #1
    GT_TDI_150
    Registered Users, Registered Users 2 Posts: 10,917 ✭✭✭✭


    Guys,

    scenario:

    If one has a morgage that is 25-30% higher than the current value of the house and one is unable to service the repayments fully(even interest only would be a struggle).

    What would be the reprocutions if the person were to hand the keys to the bank and tell them keep the house?

    the person in question might want to move to a more affordable location or even emmigrate.

    Any opinions?


Comments

  • #2
    chopser
    Registered Users, Registered Users 2 Posts: 269 ✭✭chopser


    GT_TDI_150 wrote: »
    Guys,

    scenario:

    If one has a morgage that is 25-30% higher than the current value of the house and one is unable to service the repayments fully(even interest only would be a struggle).

    What would be the reprocutions if the person were to hand the keys to the bank and tell them keep the house?

    the person in question might want to move to a more affordable location or even emmigrate.

    Any opinions?

    Has this question not been repeatedly covered by every Irish newspaper almost every month since the property crash?

    Short answer is that you owe them the amount you borrowed not the price of the house.
    The bank can pursue you for the full amount that you borrowed even after they take possession of your house.

    Speak to a solicitor before you decide to hand back the keys or do anything further.


  • #3
    GT_TDI_150
    Registered Users, Registered Users 2 Posts: 10,917 ✭✭✭✭GT_TDI_150


    The question was more from the pt of view the if an owner emmigrates and leaves the house behind... What happens in that case?


  • #4
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭Delancey


    GT_TDI_150 wrote: »
    The question was more from the pt of view the if an owner emmigrates and leaves the house behind... What happens in that case?

    Then they are liable to be pursued for the full amount owed - being in a foreign country does not insulate a Debtor from legal action relating to a transaction in their home country.


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